The end is near for General Motors, bankruptcy dead ahead.

Chalk another one up for the economy, first Joe the plumber and now the General.
By the time you read this Chevrolet’s parent company General Motors will be filing for Chapter 11 Bankruptcy.
What will result is a substantial investment from Canada as well as the United States that will result in the U.S. Government owning about 60% of the American automotive conglomerate and out neighbors to the north receiving 12% as well.
This might be good for vehicles like the Camaro that are produced in the Oshawa Plant, these operations should be getting some renewed interest after the deal.

New car buyers will be directly affected, GM choices will now be limited to their core brand Chevrolet, the luxury line Cadillac, their elderly targeted Buick and trucks for hard working Americans from GMC.

The President of the United States, Barack Obama, will address his nation in a press conference regarding the hearing at 11:55 A.M.
Current GM CEO, Fritz Henderson, will then address the media about twenty minutes later.

4 comments:

The truck segment is more american than any other country even with very good attempts from toyota and Nissan
But still the truck industry should have kept the companies going

BMWM6
(50)
posted on 06.1.2009

As much as I dislike driving American cars.. It is sad to see these giants fall...

BMWM6
(182)
posted on 06.1.2009

With all the belt tightening that many people are doing, car manufacturers are one of the first industries that can be really affected by the crisis. I think I’ve mentioned this before when another American car filed bankruptcy. I think that the good thing about filing this is that you get to save what’s left for GM. Hopefully, after the crisis, they would be able to start all over again. Make more lines of cars, more fabulous ones of course!

BMWM6
(182)
posted on 06.1.2009

This is a sad state that the motor industry is going through. More and more US based car manufacturers are filing bankruptcy. I wonder what President Obama would be speaking in front of all the car enthusiasts.